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Bureau of Economic Analysis

Survey of Current Business

Table of Contents
June 2002

Special in this issue
19 Gross Domestic Product by Industry: A Progress Report on Accelerated Estimates (PDF)

BEA has developed a prototype methodology for preparing estimates of GDP by industry on an accelerated schedule. The accelerated estimates would be released in April, 4 months after the end of the reference year and 7 months ahead of the release of the regular annual estimates in November. As part of this research, BEA has provided illustrative estimates for 2001 of current-dollar GDP by industry. These estimates are more limited in scope than the regularly published estimates, but research indicates that they are reasonably successful in indicating the direction of change in an industry's growth, whether the growth is accelerating or decelerating, and how the growth compares with that of other industries. BEA is seeking feedback from users on the proposed methodologies for preparing the estimates, on the appropriate level of industry detail, and on the tradeoff between accuracy and timeliness.

36 Selected Issues in the Measurement of U.S. International Services (PDF)

The rapid growth of services transactions in world markets has made it increasingly important that trade in services be reflected in the statistics in a complete and economically meaningful way. Five categories of services--insurance, wholesale and retail trade, finance, construction, and utilities--are among the most difficult to define and measure. For each of these services, BEA has identified key measurement issues and has explored possible actions to address these issues. For example, in cross-border trade in insurance services, a catastrophe that results in a substantial jump in claims will lead to a drop in the current-dollar value of insurance services as presently measured, but this drop is unrelated to the actual level of the services provided. A possible action to address this issue would be to measure insurance services as premiums less average or expected claims rather than as premiums less actual claims.

Regular features

1 Business Situation: Preliminary Estimates for the First Quarter of 2002 (PDF)

Real GDP increased 5.6 percent in the first quarter of 2002, according to the "preliminary" estimate, after increasing 1.7 percent in the fourth quarter of 2001. The "advance" estimate issued last month had shown an increase of 5.8 percent. Corporate profits increased 0.5 percent in the first quarter after increasing 17.9 percent in the fourth (quarterly rates). The Federal Government current surplus or deficit shifted to a deficit of $64.4 billion in the first quarter from a surplus of $97.4 billion in the fourth. The State and local government current surplus decreased to $10.4 billion from $24.8 billion.

28 Foreign Direct Investment in the United States: New Investment in 2001 (PDF)

Outlays by foreign direct investors to acquire or establish businesses in the United States dropped sharply to $132.9 billion in 2001 from an exceptionally high level of $335.6 billion in 2000. The dropoff reflected a substantial decrease in the share of outlays that was accounted for by very large transactions. Outlays fell in all the major industry groups and from almost all the major investing countries.

57 Gross State Product by Industry, 1998-2000 (PDF)

In 2000, the States with the fastest growth in real gross state product were located in the western and northeastern areas of the Nation. In Idaho, Oregon, California, and Arizona, growth was particularly robust in high-tech manufacturing, and in Colorado, growth was strong in business services and communication. In Rhode Island, New Hampshire, Massachusetts, New Jersey, and New York, growth was strong in finance, insurance, and real estate and in services.

Note: Files listed above contain the text and the tables of the articles; many of the tables are also available in XLS spreadsheets.

Reports and statistics

18 Errata: BEA's Strategic Plan for 2001-2005 (PDF)

78 Subject Guide for the January-June 2002 Issues (PDF)

D-1 BEA Current and Historical Data

National Data

D-2 Selected NIPA tables (PDF)

D-30 Other NIPA and NIPA-related tables (PDF)

D-39 Historical measures (PDF)

D-42 Domestic perspectives (PDF)

D-44 Charts (PDF)

International Data

D-52 Transactions tables (PDF)

D-58 Investment tables (PDF)

D-63 International perspectives (PDF)

D-64 Charts (PDF)

Regional Data

D-65 State and regional tables (PDF)

D-69 Local area table (PDF)

D-71 Charts (PDF)


D-73 Additional information about the NIPA estimates (PDF

D-75 Suggested reading (PDF)

Looking Ahead



Annual Revision of the U.S. International Transactions Accounts. An article summarizing the revisions to the estimates of U.S. international transactions and discussing the major sources of these revisions will be published in the July Survey. Selected revised estimates will be available on June 20th as part of the release of the estimates of U.S. international transactions for the first quarter of 2002.